North Carolina Down Payment Support Systems
Online Payments - These programs will be the deposit Assistance System along with the Mortgage Credit Certificate.
Should you meet the requirements for one of these plans and also you buy a property between January 1, 2009 and December 1, 2009, it is also possible to be eligible for the $8,000 tax credit just enacted into law.
First, who is a first-time Home Buyer? There is a First Time Home Buyer someone who hasn't owned a house within the past three years. This is exactly the same qualifying definition for the $8,000 tax credit.
What is a Mortgage Credit Certificate and Who Qualifies?
A Mortgage Credit Certificate (MCC) is a national tax credit to help home buyers with low and moderate incomes. An MCC “reduces your tax liability depending on a portion of the mortgage interest that you pay.
Should you qualify for the MCC, you can claim 20% of the interest you pay on your mortgage as a credit in your federal income taxes. It's possible for you to save around .
Should you qualify for 2009, for the MCC, you may manage to combine this. This might reduce the tax liability of a buyer's .
Who qualifies for an MCC is based on the cost of the house and also your income you are purchasing. Household income is defined as the “gross income of the mortgagor and every other individual anticipated to live in the dwelling who's 18 years old or older.”
House price limits that apply in Durham Orange and Chatham Counties and the income are listed below.
MCC Income Limitations 1 Person $61,500 2 Individuals $61,500 3 Persons $70,500 4 Persons $70,500
MCC Sales Price Limitations New Home $220,000 Existing Dwelling $210,000
Who Qualifies for Down Payment Help?
Home buyers that need help with their down payment and closing prices might be able to get down payment assistance - or, quite simply, interest-free, deferred second mortgages up to $8,000. The buyer just has to pay $1,000 of their own funds and the load would pay around $8,000 of the remaining balance.
This plan has more stringent income limitations than the MCC plan outlined above. Like the MCC program, it could be used in combination with all the new $8,000 tax credit on home purchases between January 1, 2009 and December 1, 2009. The down payment assistance, however, can't be applied in combination together with the MCC. It is an either or situation.
House price limits that apply in Durham Orange and Chatham Counties and the income are listed below.
Down Payment Assistance Income Limitations
1 Person $39,950 2 Individuals $45,650 3 Individuals $51,350 4 Men $57,050
Down Payment Support Sales Price Limits New Dwelling $210,000 Existing Residence $210,000